In a recent turn of events in the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), new speculations came to light. Legal experts indicate that Judge Analisa Torres may issue a decision within days, despite a recent request by the SEC to extend the abeyance of the appeal process. Hence, it’s safe to say that the case could end in June itself.
Will Ripple vs. SEC Lawsuit End in June?
The SEC has filed a status update with the U.S. Court of Appeals for the Second Circuit, requesting a further 60-day extension on holding the appeal and cross-appeal in abeyance. This move follows a prior agreement between both parties aimed at resolving the years-long lawsuit over the sale of XRP. However, this latest filing does not delay the ruling on the joint motion submitted to the district court earlier this month.
Pro-XRP attorney Bill Morgan clarified the implications of the SEC’s filing on social media platform X. He stated, “This doesn’t delay the decision on the joint motion filed last week until August. The SEC only sought to extend the period in which the appeal/cross-appeal are held in abeyance for a further 60 days.”
According to attorney James K. Filan, the SEC’s June 17 submission to the Second Circuit seeks to pause appellate proceedings while a motion under Federal Rule of Civil Procedure 60 remains pending. That motion calls for an indicative ruling by the district court to potentially alter or dissolve parts of the previous final judgment.
On June 12, Ripple and the SEC jointly renewed a request to lift the injunction included in the court’s Final Judgment and to partially reduce the civil penalty. The parties proposed releasing $50 million from the $125 million penalty amount currently held in escrow to the SEC, while the remaining funds would be returned to Ripple.
The motion argues that there are unusual circumstances that justify changing the existing judgment. Among them is an agreement between the sides, a shift in the attitude to crypto regulation by the SEC, and a mutual desire to prevent a lengthy process of a court struggle.
Sherrie, a legal analyst following the case, noted that the next procedural milestone hinges on Judge Torres’ decision on the joint motion. “Either we get an answer this Thursday or perhaps next week,” she commented.
The next official update of the appeals process will come on August 15 when the SEC is to submit another status report to the appellate court. Nevertheless, legal observers emphasize that the decision of the judge on the resolution of the motion at the district level can appear at any moment. As Bill Morgan emphasized, “The decision of Judge Torres on the joint motion could be delivered in days.”
Also Read: Judge Torres to Grant Ripple SEC Motion Today? Pro-XRP Lawyers Weigh In
